If you’ve been around the HR world for a bit, you’ve no doubt been contacted by an “expat adviser” offering to help your international employees with their retirement.
They might tell you about “efficiency” and “tax protection” as the insurance they use comes from an offshore tax haven.
What they’re not telling you, though, is deeply concerning
These ‘advisers’ are not so much consultants as they are sales people. They receive handsome commissions for any sale, with little regard to their clients’ best interest. Indeed, the relationship usually stops once the ink is dry, leaving the investor with many questions and few answers.
The “life insurance” on offer is full of fees and penalties. It is common for investors to pay 9% fees in the first year alone which goes to the “adviser’s” pocket and not to the underlying investment.
If an investor wants out early, she must pay hefty exit fees, often receiving her initial investment and little else.
This information is almost never presented to either the HR department nor the employee, leaving them desperately searching for answers, while souring the worker-employer relationship.
Your international employees deserve much better.